ALDI recently signed a brand new 20-year lease for their 17,018 square foot prototypical store on a 3.03 acre site. The brand new store opened for business on March 5, 2015 leaving just under 20 years of term remaining on the lease.
ALDI is on a NNN lease in which they are responsible for procuring and paying for all operating expenses including common area maintenance, utilities, property insurance as well as paying for real estate taxes directly. The lease calls for rental escalations every five years ranging from 6.73% to 7.61% per each five year period. The lease is also equipped with four, five-year renewal options with a notification period of 180 days and rental increases per period of approximately 8.0% per option period.

The Sperry Van Ness Colvin Team is proud to offer this fantastic hard corner location leased to Rite Aid Corporation through 12/10/2017, at the intersection of two main highways in high income Petoskey MI, a very attractive year around vacation community on Lake Michigan. Signalized intersection across from the new McDonald's. Rite Aid has a drive through and is right next to the hospital. Assumable loan fixed at 6% provides easy financing in place already with Farm Bureau Insurance. NN+ leased to Rite Aid Corp through 12/10/2017 plus 5 five year renewals with generous increases.

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Petoskey, MI Retail Property for Sale

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